European market
The energy markets experienced a sharp decline yesterday, in the perspective of an improvement in traffic in the Strait of Hormuz following the announcement of the ceasefire between Iran, the United States and Israel. Despite this reassuring signal, however, the markets remain cautious about the situation, especially since the resumption of maritime traffic in this area could take place gradually and at a lower rate than the usual historical level. The other direct effect observed following this ceasefire announcement was the rebound in the euro/dollar parity. The latter is trading again in a range between 1.1600 and 1.1700, regaining its high of recent weeks.
This movement of rebound of the euro, coupled with a phase of de-escalation of tensions in the Middle East, led to a decrease in prices yesterday, both on grains and on rapeseed, on the Euronext market, in a context of high trading volumes. The transactions were mainly concentrated on futures contracts, but significant volumes of options on all products were also observed.
Rapeseed prices have fallen back below the €500/t level on the various Euronext contracts. In fact, the close deadline of May 2026 is now below € 200 / t, at € 197.75 / t, thus returning to a level almost equivalent to that negotiated before the start of the conflict in Iran. Corn prices are also showing a slight decline, following the same downward adjustment movement.
On the other hand, activity on the physical market remains more limited, in a context of a shortened week following the Easter weekend.
American market
The announcement of the ceasefire between Iran, the USA and Israel led to a sharp downward correction in crude oil prices yesterday, back below $100/b both in London and in New York. This news has impacted the prices of raw materials in Chicago, in different proportions depending on the products.
The soybean market experienced a strong amplitude of variation yesterday in session. The May 2026 contract, on the CME, marked a new low, returning to its lowest levels since last February 20, very close to $11.40 /bu. In the end, this contract closed the session higher compared to the previous day, by going back above $11.60/bu. The speakers note, despite falling prices compared to the high at the beginning of the week, a still high price level for soybean oil, which is still evolving above c$67/lb.
In grains, prices have also declined. Corn prices continued their retracement movement, regaining, on the May 2026 contract, the lowest levels in almost five weeks. The announcement by the Rosario Stock Exchange of the upward revision of corn production for the current season also brings new export availability, with production now announced at 67 Mt. In wheat, prices also marked a decline, returning to test the support zone of $5.80/bu on the May 2026 contract, back to their lowest level since the beginning of March.
In terms of market fundamentals, traders will be attentive today to the monthly publication of the USDA, where the evolution of stocks will be followed with great interest as the end of the campaign approaches.
Black Sea market
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